Group's revenue and profit before tax stood at RM131.9 million and RM31.8 million respectively
Comparable revenue and profit before tax grew 10% and 28% respectively in Q1 2014, led primarily by revenue from data sales
Shah Alam, 26 May 2014 - TIME dotCom Berhad ("TIME" or "the Group"), the ASEAN-focused data and telecommunications solutions provider, today announced continued growth and steady performance for its first quarter ended 31 March 2014.
Group revenue stood at RM131.9 million for the period. Excluding non-recurring income from one-off contracts and global bandwidth sales, revenue grew by 10% compared to the same quarter last year. Revenue growth in the period was mainly attributable to higher data and data centre contributions.
The Group also reported profit before tax (PBT) of RM31.8 million for the first quarter of 2014. Excluding such non-recurring items, PBT registered a 28% increase from a year ago.
Overall, TIME's fixed-line business anchored profits, while improved yields, cost efficiencies and higher dividend income from the Group's quoted equity investments boosted earnings in the period.
"Demand for faster connectivity has continued to drive our businesses," said Afzal Abdul Rahim, TIME's Chief Executive Officer.
Outlook for 2014
For the remainder of the year, TIME expects earnings growth to continue with the strong demand for higher speed bandwidth and mobile node fiberisation requirements by mobile operators. The rollout of LTE networks is expected to bring in more avenues for growth.
The Group also aims to expand both locally and regionally, particularly in Southeast Asia, which has yet to obtain access to quality, high-speed data connectivity.
"The upward trend in bandwidth demand around the region is extremely positive for the Group," Afzal said. "We have the right strategies in place to capture this demand."
Afzal added that significant growth remains by unlocking value in its data centre and global bandwidth businesses, as well as its submarine cable investments.
TIME's recent announcement of its participation in a consortium to build a new submarine cable system, Asia-Africa-Europe 1 (AAE-1), linking Asia and Europe via the Middle East, will further augment TIME's global bandwidth business.
TIME expects that AAE-1 and its other strategic stakes in global submarine cables like Unity and the Asia Pacific Gateway (APG) will contribute positively to the Group's earnings in the future.
This press release contains forward-looking statements that reflect the current views of TIME dotCom Berhad (TIME) management with respect to future events. The words "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "project", "should" and similar expressions including all statements that are not historical facts are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond TIME's control, including, without limitation, general industry and economic conditions, competition from other companies and avenues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, governmental policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed on them. TIME does not intend or assume any obligation to update these forward-looking statements.
About TIME dotCom Berhad
Founded in 1996, TIME dotCom Berhad (TIME) is a data-centric telecommunications and solutions provider in Malaysia with a business reach across the Asia-Pacific. TIME has expanded beyond its core Malaysian fixed-line business to incorporate two fast growing subsidiaries: the Global Transit Group of Companies (GT) offering regional bandwidth services and the AIMS Group of Companies (AIMS), an award-winning, carrier-neutral data centre provider. Combined, the TIME Group can now offer customers complete land and subsea fibre network solutions and value-added services that tap booming ASEAN demand for fast, reliable bandwidth. TIME is a public company listed on the Main Market of Bursa Malaysia since 2001. Visit www.time.com.my for more information.